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Shares are hit on second-quarter results.

Shares of Engineered Support Systems ( EASI) were among the Nasdaq's losers Wednesday, falling 10.6% after the company posted second-quarter earnings that fell below expectations and cut its full-year view for earnings.

The defense contractor posted continuing earnings of $20.1 million, or 46 cents a share, on sales of $263.8 million. Analysts polled by Thomson First Call were expecting earnings of 53 cents a share on sales of $250.1 million. A year ago the company earned $18.3 million, or 44 cents a share, on sales of $210.1 million.

Looking ahead, Engineered Support now expects full-year earnings of $2 to $2.03 a share, down from earlier guidance of $2.09 to $2.12 a share. Sales, meanwhile, are now expected to be between $1.02 billion to $1.05 billion, up from previous guidance of $990 million to $1 billion. Analysts had been expecting earnings of $2.17 a share on sales of $1.03 billion. Shares traded down $4.15 to $34.85.

School Specialty ( SCHS) rose 19.8% after the company agreed to be acquired by an affiliate of private equity firm Bain Capital Partners for about $1.5 billion. Shareholders of School Specialty will receive $49 a share in cash, which represents a 25% premium over Tuesday's closing price of $39.22. The Bain affiliate will also assume about $101 million in debt. Chief executive David Vander Zanden is expected to remain in his current role with the education company after the transaction. The transaction is expected to close during School Specialty's second fiscal quarter, which ends Oct. 29. Shares traded up $7.78 to $47.

Shares of Terex ( TEX) rose 9.2% after the company posted first-quarter earnings that were easily ahead of expectations. The maker of construction vehicles and mining equipment earned $30.3 million, or 59 cents a share, on sales of $1.45 billion. Excluding items, the company would have earned $30.8 million, or 60 cents a share. Analysts were expecting earnings of 51 cents a share. A single analyst was expecting sales of $1.2 billion. A year ago the company earned $17 million, or 34 cents a share, on sales of $1.04 billion. Looking ahead, Terex expects full-year earnings of $3.50 to $3.70 a share. Analysts are expecting earnings of $3.50 a share. Shares traded up $3.64 to $43.16.